New Millennium Iron Corp. Announces Additional Drill Assay Results from its Lac Ritchie Taconite Property


CALGARY, ALBERTA--(Marketwire - Dec. 8, 2011) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

New Millennium Iron Corp. ("NML" or the "Corporation") (TSX:NML) announced today additional drill core assay results from its 100% owned Lac Ritchie property. The drilling on this property was completed on October 11, 2011 and during that period 40 holes for a total of 3,800 m were drilled. The assay results received to date represent 15 out of 40 holes drilled at Lac Ritchie.

Dean Journeaux, President and CEO of NML, said, "The results are similar to those obtained at LabMag and KéMag and continue the trend that we expect based on the results of aero magnetic surveys of NML's Millennium Iron Range. This further demonstrates the potential for hosting a very large magnetic taconite deposit at Lac Ritchie. The area covers 30 square kilometers of magnetic mineralization. For comparison, the combined KéMag and LabMag deposits have an area of 40 square kilometres. Based on the 40 holes drilled to date, they average a thickness of 50 meters of magnetic mineralized formation. We will report the results from the remaining holes, as we receive them."

Table 1 provides the test analysis and assay results received to date from 15 of 40 holes drilled (for location, refer to Figure 1). The average thickness of the magnetic mineralized formation of these 15 holes is 43 meters.

TABLE 1

Hole No. From
(m)
To
(m)
Interval (m) Total
Fe%
DTWR
%
Concentrate
Fe%
Concentrate
SiO2%
11LR1001D 3.5 62.4 58.90 29.12 30.59 68.18 3.81
11LR1002D 10.2 92.5 82.30 31.82 33.22 67.63 4.41
11LR1003D 23.8 65.3 41.50 30.44 28.49 67.86 3.87
11LR1004D 4 69 65.00 32.75 27.41 67.91 4.59
11LR1005D 13 72.3 59.30 32.58 27.54 68.23 4.17
11LR1007D 4 61.5 57.50 30.71 31.97 68.44 3.97
11LR1008D 2.5 48.2 45.70 31.70 29.95 69.32 3.13
11LR1009D 5 53 48.00 31.70 30.69 66.79 5.50
11LR1010D 4 17.2 13.20 30.46 34.14 66.41 3.40
11LR1012D 1.7 50 48.30 29.57 29.64 67.36 4.28
11LR1013D 3.8 42 38.20 31.28 27.98 67.86 3.91
11LR1014D 3.5 57.3 53.80 29.16 32.94 65.70 6.53
11LR1016D 1.8 8.9 7.10 23.02 25.37 67.27 4.10
11LR1017D 2.00 3.10 1.10 24.19 21.00 70.53 2.42
11LR1022D 5.5 26.8 21.30 28.70 24.70 68.30 3.44

The drill core samples, half cores, on average 6 meters long, were sent on a regular basis to Midland Research Center Laboratory ("MRC") at Nashwauk, Minnesota, USA (MRC is an independent laboratory ) for analysis and testing. The core is assayed for Total Iron and the magnetite concentrate is produced using the Davis Tube and given as Davis Tube Weight Recovery percent (DTWR %). The magnetite concentrate is analyzed for iron and silica. Some selected samples will be assayed for other elements. Based on drill core analyzed to date, the Lac Ritchie taconite currently averages 30.86% Fe with 30.05% DTWR. The Davis Tube concentrate averages 67.74% Fe and 4.35% SiO2. One section (05) with 3 drill holes intersecting the economic LC unit with average test and assay results is shown in Figure 2.

About New Millennium

The Corporation controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, which holds one of the world's largest undeveloped magnetic iron ore deposits. In the same area, the Corporation is also advancing its DSO Project to near term production. Tata Steel Limited, one of the largest steel producers in the world, owns approximately 27% of New Millennium and is the Corporation's largest shareholder and strategic partner.

Tata Steel has exercised its exclusive option to participate in the DSO Project and has a commitment to take the resulting production (see news release 10-16 dated September 14, 2010). Tata Steel also has exercised its exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project and the KéMag Project (see news release 11-09 dated March 6, 2011).

The Millennium Iron Range currently hosts two advanced projects: LabMag contains 3.5 billion tonnes of Proven and Probable reserves at a grade of 29.6% Fe plus 1.0 billion tonnes of Measured and Indicated resources at an average grade of 29.5% Fe and 1.2 billion tonnes of Inferred resources at an average grade of 29.3% Fe (see news release 06-13 dated July 5 2006 and news release 07-11 dated July 17, 2007); KéMag contains 2.1 billion tonnes of Proven and Probable reserves at an average grade of 31.3% Fe, 0.3 billion tonnes of Measured and Indicated resources at an average grade of 31.3 % Fe and 1.0 billion tonnes of Inferred resources at an average grade of 31.2% Fe (see news release 09-01 dated January 16, 2009).

NML's DSO project contains 64.1 million tonnes of Proven and Probable Mineral Reserves at an average grade of 58.8% Fe, 8.1 million tonnes of Measured and Indicated Mineral Resources at an average grade of 58.8% Fe, 7.2 million tonnes of Inferred Resources at an average grade of 56.8% Fe and about 40.0 - 45.0 million tonnes of historical resources that are not currently in compliance with NI 43-101 (see news release 09-03 dated February 11, 2009, news release 09-05 dated March 4, 2009, news release 09-16 dated December 9, 2009 and news release 10-12 dated July 8, 2010). A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the Corporation is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon.

The Corporation's mission is to add shareholder value through the responsible and expeditious development of the Millennium Iron Range and other mineral projects to create a new large source of raw materials for the world's iron and steel industries. For further information, please visit www.NMLiron.com, www.tatasteel.com and www.tatasteeleurope.com.

Dean Journeaux, Eng., and Thiagarajan Balakrishnan, P. Geo., are the Qualified Persons as defined in National Instrument 43-101 who have reviewed and verified the scientific and technical mining disclosure contained in this news release.

Forward-Looking Statements

This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995 These forward-looking statements are made as of the date of this document and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.

To view Figure 1 associated with this press release, please visit the following link:

http://media3.marketwire.com/docs/fig1nmi.jpg

To view Figure 2 associated with this press release, please visit the following link:

http://media3.marketwire.com/docs/fig2nmi.jpg

Contact Information:

New Millennium Iron Corp.
Dean Journeaux
President & CEO
(514) 935-3204

New Millennium Iron Corp
Andreas Curkovic
Investor Relations
(416) 577-9927